MANILA, Philippines — Oil companies are implementing hefty fuel price hikes today.
In separate advisories, oil firms yesterday announced gasoline and diesel prices would be raised by P1.45 per liter and kerosene by P1.35 per liter.
This is the third consecutive week fuel prices are increased, reflecting the uptrend in the international market.
Caltex Philippines said it would implement the price adjustments at 12:01 a.m. today.
Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., Total Philippines Corp. and Unioil Philippines said they would implement their adjustments starting 6 a.m.
Reuters reported that oil prices on Friday reached their highest since mid-November on hopes that the US and China would conclude a trade deal.
The report said Brent crude briefly touched $67.73 a barrel, its highest this year, before settling at $67.12 per barrel.
US and China trade negotiators are targeting to reach a deal by their March 1 deadline.
Last week, local oil firms raised gasoline and diesel prices by 70 centavos per liter and kerosene by 35 centavos per liter.